In terms of partnerships and developments, 2022 was a fantastic year for Polygon and MATIC. The only letdown was the market’s bearishness. But, will 2023 be more favourable on multiple fronts?
The good news is that Polygon can build on its accomplishments from last year. Bhavish Finance’s No-Loss prediction market feature for Polygon is one development that may benefit investors. It was one of the network’s most significant developments this year, and its most recent update revealed significant network milestones.
According to the latest update, the total number of predictions has surpassed 1.2 million. This includes forecasts for cryptocurrencies, stocks, quests, and commodities. According to the update, the number of weekly active users has surpassed 1,100 after experiencing healthy growth over the last two months.
The prediction market is not Polygon’s only source of good news as the year 2023 approaches. MATIC, the network’s native cryptocurrency, has just begun the year by becoming one of the top ten most purchased tokens among the top 100 ETH whales.
MATIC’s supply distribution confirms that some addresses, particularly those in the 10 million to 100 million range, have incoming demand. Despite the support from ETH whales, the largest whale category, with over 100 million, is adding to the selling pressure.
The majority of the other top whale categories are currently adding to the selling pressure. Whale activity has also decreased in the final week of December compared to the rest of the month. This could indicate that buying pressure is still low.
The preceding result may explain why MATIC’s price action was generally bearish in the final week of 2022. After hovering within the 200-day moving average, the price finally succumbed to the bears. Nonetheless, the price was still trading above its four and six-month highs at the time of publication.
If the whales continue to offload their holdings, MATIC may see more price slippage in 2023. The fate of the cryptocurrency market is still up in the air, dependent on global economic conditions.
If the market recovers, we may see a small increase, but there is no indication that a pivot is imminent.
